Property registration rush ahead of new ready reckoner rates in Maharashtra
Publish on : 2023-04-03 11:11:08
Property registration officials said citizens are carrying out last-minute property registrations to avoid the new RR rates that will come in effect from April 1.
PUNE: Days before the announcement of the new ready reckoner (RR) rate, the number of properties registered was almost double the normal number of the daily registrations. Property registration officials said citizens are carrying out last-minute property registrations to avoid the new RR rates that will come in effect from April 1.
On Tuesday, 18,538 properties were registered across the state, while 20,009 registrations were done on Wednesday, revealed the data shared by the department. Usually, the daily property registration number is in the 8,000-9,000 range.
"It is a common trend we see in the last week of March. There is usually a rush at registration offices during this time," said an official.
Meanwhile, high-value property registrations have helped the state cross the revenue collection target of Rs 40,000 crore for this financial year. Till Wednesday, Rs 41,965.2 crore had been collected as revenue. The collection is expected to cross the Rs 42,000-crore mark by March 31, said the officials.
While only a few key offices were open on Thursday, as it was a public holiday, on Friday, the number of registrations is expected to be the highest, they added.
State Credai president Sunil Furde told TOI that citizens are expecting a rise in the RR rates. Therefore, in the past two-three days, there has been a rush among homebuyers to get their properties registered ahead of the RR announcement. "Though we have requested the state government to keep the RR rates unchanged, we are not sure if our request will be accepted," he said.
In the past eight years, the annual statement of rates (ASR, which is another term for RR rates) of residential properties have shot up, but it does not reflect the true market condition, said the Credai representation to the state government. "While prices are more or less stagnant, the ASR has been revised by more than 50% over eight years. It is essential to rein in this inflationary increment every year," the letter said.
The developer's body said if the ASR is lower than the market rate, developers will be able to freely sell residential units at discounted rates in the event of a liquidity problem, or where group booking are available or if buyers are willing to pay more upfront. "This flexibility is reduced by the current ASR where the rates are almost on par or above market rates," stated a developer from Credai.
Soumini Mohit, who plans to invest in property, is wary of the hike. "The state government should intervene and not increase rates," she said.